Oracle’s Data Breach May Explain Spate of Retail Hacks

via Fortune.com

Oracle has suffered a data breach within its retail unit.

The cloud giant discovered malicious software on systems running its network of MICROS payment terminals, the company confirmed in an email to Fortune. In addition to affecting hundreds o the company’s computers, the breach affects an online support portal that allows Oracle to remotely address customers’ issues concerning their cash register-connected terminals, Brian Krebs, an independent cybersecurity journalist, first reported on his site Krebs on Security on Monday on Monday, citing people briefed on the matter.

The malware planted on Oracle’s systems enabled attackers to steal customers’ login credentials, Krebs noted. In response, Oracle said it is forcing users of the service to change their account passwords, adding that the beach does not affect its other corporate networks, cloud services and systems.

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Every day, the news reports on new cyber attacks. A cyber breach has become so commonplace that terms like “phishing, hacking, malware and ransomware,” have become part of our vernacular. Despite knowledge of cyber breaches, their frequency and that any company, no matter how big or how small, can become a victim, most companies are not prepared to fend off an attack from an amateur hacker, let alone a sophisticated one.

In fact, according to the 2015 Global Cybersecurity Status Report  by ISACA International, only 38 percent of global organizations claim they are prepared to handle a sophisticated cyber attack. That same year, over 169 million personal records were exposed in 781 publicized breaches across the financial, business, education, government and healthcare sectors according to the ITRC Data Breach Reports.

These breaches not only tarnish the reputation of the companies entrusted with the data, it costs them more, A LOT more, which can sometimes include the company itself. The average cost per each lost or stolen record containing confidential and sensitive data is between $154 and $363 per record and climbing making the average cost of a data breach in the U.S $7.24 million per incident. In addition, more victims are taking legal actions against these companies making the cost of the breach skyrocket.

With so much to lose, most companies don’t have any protection in place.  81 percent of data breach victims surveyed in the 2015 Trustwave Global Security Report said they had neither a system nor a managed security service in place to ensure they could self-detect data breaches, relying instead on notification from an external party despite the fact that self-detected breaches take just 14.5 days to contain from their intrusion date, whereas breaches detected by an external party take an average of 154 days to contain.

We have seen first-hand, how devastating an attack can be for a company and have been called in to help companies pick up the pieces and secure their data after an attack has taken its toll.

Because of this, we have developed a comprehensive cyber security program, the Cino Cyber Safeguard Advantage. With this program, we conduct penetration tests and vulnerability assessments to find the weak spots in your system and then create a customized cyber security program based on your company’s needs. In addition, we will educate your staff with cyber security best practices to increase your security and keep your company and data safer!

To find out more about how to protect yourself, click here or call us at 516.932.0317 x309 today.